Price is at a critical resistance level! The 0.68600 level needs to be cleared for the price to target the next high which happens to be the psychological resistance of 70 Cents. Looking at the main daily chart, the descending channel although violated, has not really been broken. The resistance at 0.68600 is preventing this from being a reality.
Once the daily candle closes above this level, we can likely assume that the resistance has been broken and the price is ready to climb further supported by the ascending trendline. An ideal 1:1 risk to reward ratio needs to be balanced for the trade to be executed. With both take profit and stop loss visible on the main chart, the entry point needs to be adjusted ideally to match 1:1 RR.
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Once the daily candle closes above this level, we can likely assume that the resistance has been broken and the price is ready to climb further supported by the ascending trendline. An ideal 1:1 risk to reward ratio needs to be balanced for the trade to be executed. With both take profit and stop loss visible on the main chart, the entry point needs to be adjusted ideally to match 1:1 RR.
Cheers, I hope you find this insight helpful. Please LIKE & FOLLOW for more regular insights into other major currency pairs.
